US$ 124 million loans given to the poor for 15 years

The Social Policy Bank which is set up for helping the disadvantaged has provided finance support worth nearly VND2,830 billion ($124.5 million) to the poor so far, reported the bank yesterday.

US$ 124 million loans given to the poor for 15 years

The report was issued at a meeting held by city People’s Committee to review 15 year implementation of social policies in the city for the period 2003 - 2017. Chairman of People’s Committee Nguyen Thanh Phong attended the meeting.
The amount was used as loans for those who created jobs, loans for students from low-income families, loans for people whose lands had been reclaimed, for poverty eradication programs, fresh water systems in countryside districts.
However, the use of capital was not efficient because the coordination between state agencies connecting with social credit is not close, hance many graduates are unemployed; therefore, they can not pay the debt which they loaned for their studies.
The bank is going to provide loans to families who are in poverty line or close to poverty line, those who have escaped poverty-line and social welfare beneficiaries since 2020.
Additionally, the bank will work with related agencies to instruct people to do business, conduct technological transferation and help loan borrowers to use capital effectively.
Speaking at the meeting, Deputy Chairwoman of the city People’s Committee Nguyen Thi Thu appreciated efforts of bank staffs and local administrative workers in helping over 225,000 people living under the poverty line escape the hard condition and provide support to 56,000 families whose lands are reclaimed as well as provide loans to 88,000 students for their studies.
Ms. Nguyen Thi Thu asked the bank to improve its social credit program quality by updating the number of people below the poverty line and nearly poverty line as well as surveying people’s demand of capital to provide timely loans.

By MANH HOA – Translated by UYEN PHUONG

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